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Title:
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Hearing to consider the willingness of the San Francisco banking community to participate in a proposed national effort to offer basic banking services for low-income consumers, typically in under-served communities. Under the proposed legislation, the U.S. Treasury would provide $30 million to fund programs to subsidize banks that offer such services, in addition to financial education programs. Currently, low-income consumers are often taken advantage of by check-cashing centers that charge unusually high service fees.
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